{"id":40013,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/incentive-retention-program-participation-letter-fluor-corp.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"incentive-retention-program-participation-letter-fluor-corp","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/incentive-retention-program-participation-letter-fluor-corp.html","title":{"rendered":"Incentive\/Retention Program Participation Letter &#8211; Fluor Corp. and Alan L. Boeckmann"},"content":{"rendered":"<pre>March 7, 2000\n\n\nMr. Alan L. Boeckmann\nPresident and Chief Executive Officer\nFluor Daniel\n\nDear Alan,\n\nIt is my pleasure to inform you that at the March 2000 Organization and\nCompensation Committee meeting, the Board of Directors of Fluor Corporation (the\n\"Company\") selected you to participate in an Incentive\/Retention Program.  The\namount of the award is $5,000,000.  The award has been structured as follows:\n\nAward Amount:                      $5,000,000\n\nIncentive\/Retention Period:        January 1, 2000 through January 1, 2004\n\nIncentive\/Retention Agreement:     The Award Amount is divided between the\n                                   following two components:\n\nIncentive Award\n---------------\n\n$2.5MM grant of 34,000 restricted stock and 22,000 tandem-restricted units.  The\nincentive portion of the award will be based on exceeding pre-established annual\nperformance objectives for Fluor Daniel determined by the Chairman and CEO,\nFluor Corporation by __% or greater.  Twenty-five percent of the award (8,500\nrestricted stock and 5,500 restricted units) will be considered earned if the\nestablished objectives are achieved at the end of each fiscal year.  If the\nannual objective is not achieved, that portion of the award is forfeited.  The\nearned restricted stock and units will vest at the end of the 4 year performance\nperiod January 1, 2004.  The entire Incentive Award, earned and unearned portion\nwill be forfeited should you voluntarily terminate prior to January 1, 2004.\n\nFor purposes hereof, the term \"Change of Control\" shall be deemed to have\noccurred if, (a) a third person, including a \"group\" as defined in Section\n13(d)(3) of the Securities\n\n \nAlan Boeckmann\nFebruary 8, 2000\nPage 2\n\n\nExchange Act of 1934, acquires shares of the Company having 25% or more of the\nvotes that may be cast for the election of directors of the Company or (b) as a\nresult of any cash tender or exchange offer, merger or other business\ncombination, or any combination of the preceding (a \"transaction\"), the persons\nwho are the directors of the Company before the transaction shall cease to\nconstitute a majority of the Board of Directors of the Company or any successor\nthereto.\n\nAccrual to Executive Deferral Compensation Program (\"EDCP\")\n-----------------------------------------------------------\n\nYou may earn $2,500,000 amount to be adjusted as provided below, if you remain\ncontinuously employed by the Company until on or after January 1, 2004 (the\n\"EDCP Accrual\"). During the period from January 1, 2000 to the date upon which\nthe EDCP Accrual vests (if at all), you will also be entitled to invest the EDCP\nAccrual by selecting one or more of the crediting options contained in the EDCP.\nThereafter, the amount of your EDCP Accrual, if vested, shall be adjusted based\nupon the investment return that you would have otherwise received had the EDCP\nAccrual been actually earned as of January 1, 2000 and credited in your EDCP\naccount based upon your chosen crediting option through the date of vesting. If\nno crediting option is indicated, the EDCP Accrual will be automatically\ncredited as if you chose the Money Market crediting option under the EDCP.\n\nThe EDCP Accrual, as adjusted, will vest and be credited to your existing\nCompany EDCP account (a) if you remain continuously employed by the Company\nuntil January 1, 2004 or (b) if your employment terminates prior to that date\ndue to (i) death, (ii) permanent and total disability, (iii) a Company-initiated\ntermination other than on a for-cause basis or (iv) following a Change of\nControl. If in the event your employment terminates for any reason prior to any\nsuch vesting date for any other reason (including, without limitation, your\nvoluntary termination or a termination for cause), then the EDCP Accrual, as\nadjusted, will be forfeited.\n\nPlease indicate your acknowledgment of the terms of the letter by signing in the\nspace provided and returning the original to me for your employee records.  You\nshould also retain a copy for your file.\n\n \nAlan Boeckmann\nFebruary 8, 2000\nPage 3\n\n\nIf you should have any questions, please give me a call at (949) 349-2000.\n\nSincerely,\n\n\n\nPhilip J. Carroll\n\n\n\nAgreed by:                                   Agreed by:\n\n\/s\/ PHILIP J. CARROLL                        \/s\/ ALAN L. BOECKMANN\n-------------------------------------        -----------------------------------\nPhilip J. Carroll                            Alan L. Boeckmann\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7556],"corporate_contracts_industries":[9479],"corporate_contracts_types":[9539,9544],"class_list":["post-40013","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-fluor-corp","corporate_contracts_industries-construction__construction","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/40013","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=40013"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40013"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40013"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}